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Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Weighted-Average Assumptions

The assumptions under the Monte Carlo simulation model were as follows for the year ended December 31, 2020 and 2019:

			December 31, 2020						December 31, 2019
Risk-free rate			1.4%						2.2%
Revenue discount rate			3.2%						4.4%
Revenue volatility			8.0%						5.0%

The assumptions used to calculate the estimated fair value of the earn-out under the option pricing method were as follows:

			December 31, 2021						February 28, 2021
Risk-free rate			0.1%						0.1%
Revenue discount rate			9.8%						8.3%
Revenue volatility			24.2%						27.3%

Purchase Price Allocation

Assets acquired and liabilities assumed as of the acquisition date are presented in the following table:

						FSA						O.S.T.						Linn Star						CLW						Proficient Transport						J&P						BarOle
						April 21, 2019						July 14, 2019						January 12, 2020						October 11, 2020						February 28, 2021						May 30, 2021						November 30, 2021
Tangible assets:
Cash						$	202					$	—					$	1,308					$	—					$	—					$	—					$	—
Accounts receivable						—						—						—						—						4,171						1,940						2,481
Other receivables						1,491						—						—						—						—						—						—
Prepaid expenses and other current assets						—						—						1,182						—						—						32						—
Property and equipment						40						10,371						605						—						140						1,567						5,351
Other assets						—						—						—						—						24						3						—
Operating lease right-of-use assets						3,209						1,672						10,011						811						—						1,355						—
Total tangible assets						4,942						12,043						13,106						811						4,335						4,897						7,832
Intangible assets:
Customer relationships						17,900						5,700						29,800						1,500						6,060						620						16,282
Non-compete agreements						900						850						450						1,000						18						120						913
Goodwill						19,963						2,050						25,234						3,000						6,249						4,020						10,677
Total intangible assets						38,763						8,600						55,484						5,500						12,327						4,760						27,872
Total assets acquired						43,705						20,643						68,590						6,311						16,662						9,657						35,704
Liabilities assumed:
Current liabilities						8,466						—						1,340						—						323						632						268
Other liabilities						5,030						—						—						—						—						—						—
Finance lease obligations						—						6,971						—						—						—						—						—
Operating lease liabilities						3,209						1,672						10,011						811						—						1,355						—
Total liabilities assumed						16,705						8,643						11,351						811						323						1,987						268
Net assets acquired						$	27,000					$	12,000					$	57,239					$	5,500					$	16,339					$	7,670					$	35,436

Weighted-Average Useful Life of Acquired Intangible Assets

The acquired intangible assets have a weighted-average useful life as follows:

Intangible Assets						Weighted-Average Useful Life
Customer relationships						15 years
Non-compete agreements						4 years
Trade names						4 years

The estimated useful life of acquired intangible assets as of the acquisition date are summarized in the following table:

Estimated Useful Lives

FSA

O.S.T.

Linn Star

CLW

Proficient Transport

J&P

BarOle

Customer relationships

15 years

10 years

15 years

7 years

8 years

12 years

8 years

Non-compete agreements

5 years

3 years

1 year

5 years

1 year

5 years

5 years

X

- References

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Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company.

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-Publisher FASB
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Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments.

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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

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